Seoul, South Korea (CNN) – The Seoul Supreme Court in South Korea on Monday sentenced Lee Jae-young, the heir of Samsung, one of the world’s largest technology companies, to two and a half years in prison.
The South Korean judiciary issued this ruling after Lee Jae-young was found guilty of charges of extortion and bribery, which put the future leadership of the company in doubt.
It is reported that Lee Jae-young was found guilty in 2017 of insatiable bribery and other corruption cases and was sentenced to five years in prison at the time, but he was released after nearly a year of serving his sentence and presenting his lawyer with appeals.
Following this announcement, shares of Samsung (SSNLF) fell by 3.8%. Lee Jae-young can appeal this ruling, but there is no information if he intends to do so at the time of writing this report.